Are you paying too much to make regular international money transfers abroad?

Brought to you by Telegraph Financial Solutions

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2 March 2017 • 10:36am

Whether you own international property, have friends or family abroad, or settle frequent business invoices in other countries, not knowing your alternatives when making regular payments abroad can end up costing you thousands of pounds more than it needs to.

It might be force of habit to use your bank to send regular sums of money across borders, for example. After all, it is just an extension of your regular banking commitments, isn’t it? Well, unbeknown to many, this is rarely the most cost-effective or convenient way to make regular international payments. So, it could pay to choose your provider wisely.

Using a specialist provider to monitor rates can save you a significant amount of money

We know that shopping around often saves us money and arranging regular international payments should be no different. However, for most people, researching which other companies offer this service and where to go to get the best deal can be a daunting task.

Not all providers offer competitive rates. So choosing wisely – say a well-priced, specialist foreign exchange company – could end up saving you up to 4pc* on each regular transfer that you make. This is because the exchange rates typically offered by generalist high street banks can be uncompetitive compared with more specialist currency providers. This can quickly add up.

Take international property ownership, for example – it comes with a whole host of extra requirements and when you are not in situ you may have to arrange regular maintenance and service costs such as cleaners, or settling utility bills, from the UK. Or if you are living in your property abroad, then transferring a UK salary or pension to your country of residence might be a requirement.

Imagine you were transferring £2,000 a month from a UK bank account to settle your bills and provide living expenses while abroad. This equates to £24,000 a year. In this context, paying 4pc more due to uncompetitive exchange rates at the time of each transfer could end up costing you a £1,000 a year more.

How you can SAVE up to £480 per year spent on transfer fees

Furthermore, the cost of making each transfer also differs between providers. On top of uncompetitive rates, some banks charge up to £40 each time an international transfer is made, and this could amount to up to £480 a year to make 12 monthly payments.

A specialist can work out much more cost-effective

To make it easy we have teamed up with foreign exchange specialist moneycorp, to offer our readers the esteemed Telegraph International Money Transfers.

The service provides readers with access to exchange rates that are typically up to 3-4pc* better than they would receive from high-street banks. Plus, while banks commonly charge between £20 and £40 every time you make an international payment, the online Regular Payment Plan transfer fee starts from just £3 using moneycorp.**

moneycorp’s regular payment plan

Using moneycorp’s regular payment plan means you can settle regular overseas payments by setting up repeat payments at any interval (weekly, monthly, or even irregularly). And because you have the option to fix the rate, you can set it up so that you know how much money is leaving your account each time and budget ahead with confidence – which means you are not caught out by subsequent exchange rate movements.

Plus, similar to online banking you can take care of everything from wherever you are, whether that’s a couch, a café, or poolside in the Portuguese Algarve. Being able to do everything online enables you to quickly take care of unexpected expenses with a few clicks of a button or swipes of a tablet – all at a much more competitive rate.

So, a reputable foreign exchange company can be cheaper, as well as take a lot of the hassle out of sending money across borders.

moneycorp is a trading name of TTT Moneycorp Ltd which is authorised and regulated by the Financial Conduct Authority for the provision of payment services. All customer funds are safeguarded in segregated client bank accounts. *Based on an exchange rate comparison taken on December 4, 2016 between HSBC, RBS, Lloyds and moneycorp.**Standard online fees start from £4 going up to a maximum of £10 over